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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12851
Experience:  B.A.; M.B.A.; J.D.
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My wife and completed a Chapter 13 bankruptcy. In this process,

Resolved Question:

My wife and completed a Chapter 13 bankruptcy. In this process, our home loan was made so that the bank could not come after us for any losses incurred.

As I understand, we do not need to reaffirm our loan with our lender (Wells Fargo) and we should just keep making mortgage payments.

Our situation is that we have fallen 1 month behind on our mortgage. I contacted the bank and they had a program and I have sent the required information.

My question is, will the lender choose to treat us differently since we have completed the Chapter 13, especially now that we have fallen behind on our mortgage? That is, will/can they foreclose on us quicker because of the Chapter 13. I live in the State of California.

I realize the answer to all of this is to get current with the mortgage and I am working on it. I just want to know what to expect should things worsen for us.
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 3 years ago.

 

Thank you for giving me the opportunity to assist you. I encourage you to ask me for clarification, if you are not clear with my Answer.

 

No, the lender cannot and will not treat you differently just because you filed for bankruptcy. The lender may or may not initiate the foreclosure solely based on whether you are in default and nothing else. The fact that you did not reaffirm your mortgage is irrelevant and it is actually a good thing because if down the road you decide that inspite of your best efforts that you can no longer afford the house, then you can just walk away without worrying about whether the lender would come after you for the deficiency after the foreclosure sale. Without reaffirming the loan, your personal obligation on the Note has been discharged in bankruptcy. Thus, if the lender forecloses, the lender would only get the proceeds from the sale and cannot come after you for the deficiency.

 

Customer: replied 3 years ago.
Thank you for your reply.

To clarify, if the bank sees us in default, might they choose to move faster on foreclosure because we filed bankruptcy? For example, say the bank's standard foreclosure starts 6 months of continuous delinquency. Might they start the foreclosure earlier, say after only 3 months of continuous delinquency?

Also, is there a way to find out a bank's policy regarding foreclosure process?

Sorry if my questions seem redundant, I just want to make sure I understand.
Expert:  Phillips Esq. replied 3 years ago.

 

Thank you for your reply. To clarify, if the bank sees us in default, might they choose to move faster on foreclosure because we filed bankruptcy? For example, say the bank's standard foreclosure starts 6 months of continuous delinquency. Might they start the foreclosure earlier, say after only 3 months of continuous delinquency?

 

Response 1: No. As previously stated, the fact that you had filed for bankruptcy is irrelevant.

 

Also, is there a way to find out a bank's policy regarding foreclosure process? Sorry if my questions seem redundant, I just want to make sure I understand.

 

Response 2: No, there is no way. However, the bank must follow the foreclosure process in your State which requires that a notice of intend to foreclose and the foreclosure date be provided to the borrower.

 

Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12851
Experience: B.A.; M.B.A.; J.D.
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